More homes are expected to come on the market in 2016, Ms Kearney-Lederman said.

"Until then, expect new home sales to continue to creep up very gradually, keeping their contribution to growth limited," she said.

With the latest data, the three-month average new home sales has "been flat or declining since February," said Kristin Reynolds, an economist at the consultancy IHS.

"Year-on-year improvements are still occurring, but at a decreasing rate." Ms Reynolds said new home sales should pick up as the employment picture improves, adding that last week's move by the Federal Reserve to lift interest rates "is anticipated to have only a small impact on the housing market."